(Reopens DEL62)

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PTI

June 12, 2016

UPDATED: June 12, 2016 21:50 IST

"The ED obtained a NBW against me for non-appearance before them despite three summons. I never refused to appear but sought time as I was trying to sell assets to pay the employees, tax authorities and Banks. Instead, at the EDs behest my passport was revoked despite my offering to appear before the ED by video conference and make statements on oath which is permissible," Mallya said.

He also refuted EDs allegation that "proceeds from the loan made to Kingfisher Airlines by IDBI Bank were diverted or siphoned out" saying "Kingfisher Airlines have provided full details supported by copies of bank statements and swift copies showing that the funds were utilised only for legitimate business purposes".

If the ED wish to expand their scope to include all Banks, Kingfisher Airlines will be only too happy to provide full details and co-operate in the investigation, he added.

Commenting on reports of CBI constituting a Special Investigation Team (SIT) to further investigate Kingfisher Airlines and him, Mallya said, "It is, indeed, sad and disappointing that the thousands of documents submitted by us and interrogation of several executives seems insufficient to convince them there has been no wrongdoing. I have maintained and continue to maintain that there has been absolutely no misappropriation or diversion of funds and strenuously deny any allegation to the contrary."

The UB Group has itself invested over Rs 6,000 crores of own money into Kingfisher Airlines which has been lost due to a genuine business failure. At the relevant time Air India received a bail out package of Rs 30,000 crores from the Government which serves to reinforce the stressed position of the Aviation sector at that time, Mallya said.

Reacting to the latest developments, Mallya said: "I am deeply pained to keep reading in the media that Government agencies are planning further unprecedented action against me." PTI RKL VMN DIP

This is unedited, unformatted feed from the Press Trust of India wire.

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